The proposed bill submitted by the U.S. House of Representatives Democrat is called the “Homeland Security Assessment of Terrorists Use of Virtual Currencies Act.” The newly introduced bill says the term “virtual currency” covers a “digital medium of exchange, unit of account or a store of value.” The threat assessment should begin 120 days after the date of the enactment of the proposed Act, the bill explains.
“Secretary of Homeland Security for Intelligence and Analysis, shall, in coordination with appropriate Federal partners, develop and disseminate a threat assessment regarding the actual and potential threat posed by individuals using virtual currency to carry out activities in furtherance of an act of terrorism, including the provision of material support or resources to a foreign terrorist organization.”
The statements from bureaucratic officials who believe virtual currencies are being used by terrorists follow a slew of published scholarly reports concluding that terrorism financed with bitcoin is a bit exaggerated.
In 2015, the UK government released a report that detailed bitcoin is not used for terrorism or is a criminal risk. “Digital currencies are currently not a method by which terrorists seem to raise or move money out of the UK,” the 100-page HM Treasury report details.
Moreover, this past March a consultant at the Royal United Services Institute (RUSI) David Carlisle said “treating cryptocurrencies as an exceptional threat creates the misleading impression that more conventional financial products are not already equally, or more, vulnerable to terrorist exploitation.”
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